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 > How safe is your safe deposit box ?

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Posted: 01/06/19 04:10pm Link  |  Quote  |  Print  |  Notify Moderator

Ive hears or read many accounts of various agencies and the banks themselves seizing property from Safe Deposit boxes. Take a while to go over all the illegal reason why.
Asset forfeiture is not limited to cars and highway either or to just LEOs.
Don't have much to save but plenty of bills, no one wants to seize or take them over.
Grand Pa didn't trust banks and buried his money in mason jars and other things, under fence post and in the holler.
Grand Ma said when she came home from his funeral there were holes everywhere, and people digging up the fence posts. I think there is still quite a bit of cash hidden on the property. Cousin dug in the hollar and created a sand blow.
I found a Springfield musket lock from the early 1800s in pristine shape in the hollar expelled by that sand. Cousin put a door on it but I don't know anything from that. Grand Pa owned a lot of land and People took possession of it after he died because he did put deeds in a bank safe deposit box and Grand Ma and others knew th ban but couldn't get access. I don't know details.
Old home sites in Appalachian mtns probably still holds kings randsomes in silver gold and even paper money. Nobody dug under the old smoke house and now it is someone other than family hands.

WTP-GC

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Posted: 01/06/19 05:27pm Link  |  Quote  |  Print  |  Notify Moderator

fj12ryder wrote:

"But I can think of a lot better places to store my money and valuables than that. "

The only other place I can think of it a large well built safe stoutly secured to the cement floor in my basement. And I really don't consider it better, just closer to home.

I'm curious as to what you consider "a lot better places". Please elaborate.

Well it's starts with you deciding how good of a place a safe deposit is in the first place. YMMV, but for me, a safe deposit box is something that I have to drive a long way into town to access. Then I can only access it during "banking hours" and probably not on the weekends. Plus there might have to be a manager on site...just some teller probably doesn't have the ability to let you in. Oh and don't lose your key...the only key they'll give you. Plus, contrary to popular belief, a a safe deposit box is not usually FDIC insured. The only insurance you get is whatever you pay for from a secondary market. And it can be seized at anytime for a multitude of reasons. Any full-timers out there that might forget to make their payment and then don't get the notice because they are on the road...?? Goodbye contents.

So from that perspective, a safe deposit box doesn't sound much better than a mason jar buried under the barn. Better options are limited only by your imagination.


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Brian in Michigan

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Posted: 01/17/19 02:49pm Link  |  Quote  |  Print  |  Notify Moderator

I believe the FDIC can take up to 99 years to pay back that insured money.

* This post was edited 01/17/19 03:51pm by Brian in Michigan *


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Posted: 01/17/19 03:04pm Link  |  Quote  |  Print  |  Notify Moderator

Once again people, PLEASE check facts (when possible) before making statements which may be misleading and create false impressions. The following comes directly from the FDIC website: Facts/Payment

When can I expect to receive my money?
Federal law requires the FDIC to make payments of insured deposits "as soon as possible" upon the failure of an insured institution. While every bank failure is unique, there are standard policies and procedures that the FDIC follows in making deposit insurance payments. It is the FDIC's goal to make deposit insurance payments within two business day of the failure of the insured institution.

Note: Some deposits that require supplemental documentation from the depositors, such as accounts linked to a formal written trust agreement, funds placed by a fiduciary on behalf of an owner such as a deposit broker or deposits placed by an administrator of an employee benefit plan may take a little longer. The timing of the completion of the deposit insurance determination is based solely on the depositor providing the documentation needed by the FDIC to determine insurance coverage.

Thank you!

akaPedro

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Posted: 01/22/19 07:48am Link  |  Quote  |  Print  |  Notify Moderator

The second to last paragraph in the above link...indicates how you get to your safe deposit box after the dust settles. OK for a single bank failure who is taken over by a solvent bank.

If there is a real disaster and a lot of bank go under....

FDIC provisions do not reimburse for safe deposit box contents.

Hammerhead

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Posted: 01/22/19 01:59pm Link  |  Quote  |  Print  |  Notify Moderator

You have to make sure someone you trust knows where things are hidden. There was someone in our old town who took an old VCR into Goodwill for a donation and didn't know his grandmother had hidden a stack of $100 bills inside figuring no thief would bother stealing a VCR.

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